Cybin (NYSE:CYBN) Trading Up 2.9% – Here’s What Happened

Cybin Inc. (NYSE:CYBN)’s stock price traded up 2.9% during mid-day trading on Thursday . The stock traded as high as $7.26 and last traded at $7.12. 189,129 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 236,112 shares. The stock had previously closed at $6.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CYBN shares. Canaccord Genuity Group reduced their price objective on Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Guggenheim initiated coverage on shares of Cybin in a research report on Thursday, March 13th. They issued a “buy” rating and a $35.00 price target for the company. Finally, HC Wainwright lowered their price objective on shares of Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, February 13th.

Cybin Trading Up 2.9 %

The firm has a market capitalization of $152.92 million, a PE ratio of -1.63 and a beta of 0.61. The business has a 50-day moving average of $7.20 and a 200 day moving average of $9.03.

Institutional Investors Weigh In On Cybin

Institutional investors have recently added to or reduced their stakes in the company. Tang Capital Management LLC boosted its stake in shares of Cybin by 232.5% in the 4th quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company’s stock worth $11,731,000 after buying an additional 930,097 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Cybin in the fourth quarter worth $7,938,000. Acorn Capital Advisors LLC purchased a new position in Cybin in the fourth quarter worth $6,477,000. Knott David M Jr bought a new position in Cybin in the 4th quarter valued at $533,000. Finally, Diametric Capital LP purchased a new stake in shares of Cybin during the 4th quarter valued at $157,000. 17.94% of the stock is owned by institutional investors.

About Cybin

Cybin Inc, a clinical-stage biopharmaceutical company, focuses on developing psychedelic-based therapeutics for patients with mental health conditions. The company’s development pipeline includes CYB003, a deuterated psilocybin analog, which is in phase 1/2a clinical trial to treat major depressive disorder (MDD), as well as in preclinical trials for alcohol use disorder; CYB004, a deuterated dimethyltryptamine (DMT), which completed phase 2 clinical trial for treating generalized anxiety disorders; SPL028 injectable deuterated DMT completed phase 1 clinical intramuscular and intravenous trial; SPL026 completed phase 1, 1b, and 1/2a for MDD; and CYB005, a phenethylamine derivative, which in preclinical stage to treat neuroinflammation, as well as has a research pipeline of investigational psychedelic-based compounds.